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Dow Jones futures drop -450 points Sunday afternoon after POTUS tweets about tariffs
Posted on 5/5/19 at 5:13 pm
Posted on 5/5/19 at 5:13 pm
quote:CNBC
A sharp sell-off will start the week on Wall Street after President Donald Trump said on Sunday that the U.S. will hike tariffs on goods imported from China, casting doubt on recent optimism that the world’s two largest economies were close to a resolution to their trade battle.
Dow Jones Industrial Average futures lost 450 points, while S&P 500 futures dropped 1.3% shortly after their open Sunday evening. Nasdaq-100 Index futures dropped 1.5%.
Trump said in a tweet Sunday afternoon that the current 10% levies on $200 billion worth of Chinese goods will rise to 25% on Friday. He also threatened to impose 25% tariffs on an additional $325 billion of Chinese goods “shortly.”
7
Posted on 5/5/19 at 5:25 pm to LSURussian
Excellent economic leverage on those Communist bastards. Let 'em have it.
Posted on 5/5/19 at 6:50 pm to Shepherd88
quote:I love that we are able to leverage our economy against China. They're paying such a high price and need to level the playing field and stop stealing our intellectual property. Hell, they're building a chemical plant in St. James without restriction while they force our companies into joint ventures in their country so they can steal from us. Grow some balls, down-voters. Just think how much our economy will pop once we come to a trade agreement righting some of the wrongs from our establishment politicians.
It’s been working so far...
Posted on 5/5/19 at 7:08 pm to LSURussian
Ohhh boy
Posted on 5/5/19 at 7:22 pm to LSURussian
Time to buy?
Posted on 5/5/19 at 8:24 pm to meeple
Looks like I put cash on the sidelines just in time.
Posted on 5/5/19 at 8:53 pm to TigerinOkieHell
Me too. My cash is also on the sidelines. The market has just gone up too much too fast lately. I’ve been kicking myself for missing the last run up last week, but it looks like it’s a smart move not to have gotten in last week even though I missed out on gains.
Posted on 5/5/19 at 8:55 pm to meeple
quote:
Time to buy?
Lol...chill
Posted on 5/5/19 at 9:09 pm to meeple
quote:
Time to buy?
I’d be buying DOG and SQQQ on Monday.
I predict it’ll drop more than 1,000 during this week’s trade war. Maybe into the high 24,000s for a moment.
Posted on 5/5/19 at 9:32 pm to RoyalWe
quote:But since tariffs are a tax on the consumers (and downstream businesses) of the country importing the goods being taxed, who is really being leveraged?
Excellent economic leverage on those Communist bastards. Let 'em have it.
Posted on 5/5/19 at 10:11 pm to buckeye_vol
quote:
But since tariffs are a tax on the consumers (and downstream businesses) of the country importing the goods being taxed, who is really being leveraged?
So there's no where to get anything but china, Got it; just give 'em the keys, frick it. For my kids, and my kids' kids; I'll gladly accept higher commodity prices, if I believe it's for a reason.
As a business, if I have to sell something at a higher cost to make up for a tax levied against me, believe me, I'm not happy about it. I don't think China is being as short sighted as you.
This post was edited on 5/5/19 at 10:14 pm
Posted on 5/5/19 at 10:12 pm to buckeye_vol
quote:Since our economy is zooming right along and China's is not, there is more pressure on China to come to the table and resolve this. While consumers take the hit, Chinese imports are down. As an American who understands we've been arse-raped for the past 20+ years, I'm completely okay with 'who' is being leveraged. Better we deal with it now in our economic strength especially when China is having difficulties. I'll just consider my tax cut and subsequent 'tariff tax' a wash and be happy that I'm able to support this fight.
But since tariffs are a tax on the consumers (and downstream businesses) of the country importing the goods being taxed, who is really being leveraged?
The Chinese just need to get in the room and make a deal. Then we can drop the tariffs and move on. Continuing to ignore it is not an option.
Posted on 5/5/19 at 10:23 pm to RoyalWe
Shanghai stock market is down 5% in early trading Monday.
That would be the equivalent of the Dow Jones falling 650+ points.
That would be the equivalent of the Dow Jones falling 650+ points.
Posted on 5/5/19 at 10:43 pm to LSURussian
quote:
down 5% in early trading Monday.
quote:
That would be the equivalent of the Dow Jones falling 650+ points.
Russian, you're stuck in 2013?
Posted on 5/5/19 at 11:47 pm to LSURussian
Does anyone else find it hilarious that the same people that thumb their nose at you for talking about the Dow average when talking about the "market", will not hesitate to bust out the Dow average in times like these.
Posted on 5/6/19 at 7:08 am to Pendulum
Hopefully they can work out an agreement that can make all sides happy so the NYSE can skyrocket again
Posted on 5/6/19 at 7:46 am to LSURussian
Get ready for a bloodbath baws.
It’s gonna be ugly.
It’s gonna be ugly.
Posted on 5/6/19 at 7:53 am to LSURussian
Tariffs are a tax on your own citizens.
Posted on 5/6/19 at 8:04 am to fallguy_1978
quote:
Tariffs are a tax on your own citizens.
Only if there are no substitutes and only in the long term. These tariffs will be a short term deal. China will roll over and accept Trump’s deals, and the tariffs will go away
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